Sun Pharma Q2 profit jumps 70 per cent, beats street estimates
Published On: Tuesday, November 3, 2020 | By: Team KnowMyStock
Mumbai-based Drug producer Sun Pharmaceutical Industries reported a 70.4 per cent jump in net profit at Rs 1,812.79 crore for the quarter ended September driven by operating performance and tax credit. It had reported a net profit of Rs 1,064.09 crore in the same quarter a year ago. Analysts had projected the profit figure of Rs 1,194 crore. Revenue rose 5.3% to ₹8,550 crores compared to the year-ago period, according to a filing on Tuesday. Earnings before interest, tax, depreciation and amortization (EBITDA) climbed 22.5 per cent YoY to Rs 2,193.3 crore as compared to last year's Rs 1,789.7 crore. The company said there was an exceptional tax gain for the quarter due to creation of a deferred tax asset amounting to Rs 288.28 crore, arising out of a subsequent measurement attributable to restructuring of an acquired entity.
On a standalone basis, the pharma giant's net profit declined to Rs 725 crore from Rs 823 crore in the same period last year. Revenue from operations also declined to Rs 3,365 crore as compared to Rs 3,632 crore YoY.The company said it continues to monitor the impact of Covid-19 on its business, including its impact on customers, supply-chain, employees and logistics.
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